With the 2026 midterms approaching, Kalee Kreider joins Will Brown and Adam Eagleston for a candid look at the political landscape—and why the current environment reminds her of the 1994 wave election. Kalee argues that voters keep swinging against whichever party holds power, as administrations mistake narrow wins for broad mandates. Her prediction? A Democratic takeover of both chambers of Congress, with the size of the shift still very much up for debate.

The conversation digs into an unusually wide Senate map, from Texas, Ohio and Michigan to places like Kansas, Iowa and Alaska. Candidate quality, money and redistricting all matter, but Kalee questions how far any of them can go when the political winds change. She also explains how Washington and corporate America are already preparing for a possible change in congressional control, from shifting advisory relationships and potential investigations to a packed lame-duck legislative calendar.

And politics is only part of the equation. Will, Adam and Kalee connect the expanding conflicts in Iran and Ukraine with stubborn pressure on oil, diesel and other essential inputs. They also examine the grid, permitting and power challenges facing an AI-driven data-center buildout, and what a slowdown could mean for markets. The episode closes with a distinctly Tea & Crumpets-style wager on 2028, including Kalee's unexpected theory about what 'Trump 2028' might really mean.

In this episode:

• Why Kalee sees echoes of 1994 and expects a challenging midterm election for Republicans.
• The Senate races to watch, including Texas, Ohio, Michigan, Maine and unexpected battlegrounds.
• How candidate quality, campaign spending and aggressive redistricting can backfire.
• What a shift in Congress could mean for companies, investigations and the lame-duck legislative scramble.
• How war, energy prices and grid-permitting bottlenecks could complicate the economics of the AI boom.
• A provocative early prediction for the 2028 presidential race, plus a look at the Democrats' possible contenders.

Learn more about Formidable Asset Management, Will Brown, and Adam Eagleston by visiting www.formidableam.com.